Most property field inspectors do not routinely encounter total losses when it comes to property insurance. Small-scale losses account for the vast majority of property insurance claims. Typically, inexperienced adjusters or third-party field inspectors are tasked by insurers with handling such minor claims. This can lead to omissions, such as information necessary for proper claim estimation and adjustment, and inaccuracies.
Adjusting procedures can be complicated because insurance companies have different rules for handling different kinds of losses. It can be time-consuming for these adjusters or third-party field inspectors to keep referring back to the company’s standards. Due to differences in adjuster inspection techniques and experience, claim files may end up with different formats of loss details due to this manual process.
Today, an increasing number of public adjusters are turning to technology to support their claims adjusting process. Here is what you need to know.
Video Chat Platforms
Accessing information in real-time is made possible through video chatting platforms. Thanks to these kinds of programs, the insured can submit high-quality videos of the damage and the occurrence site. As a result, the claims adjuster can make an early estimate of the potential cost.
Having video chat available during claims processing also helps retain customers. Reports show that the rate and quality of claims processing affect the decision to switch service providers for roughly 90% of customers. It is becoming increasingly common for clients to expect fast, easy, and fully automated claims processing, and video chat capabilities provide just that.
The price of a loss can be estimated using historical data and analytical tools. Imagine that a hurricane of category 4 is headed straight for your town. In the event that this natural disaster is a common occurrence in this region, public adjusters can employ high-tech analytics to predict losses and meet their immediate commitments.
Custom Mobile Applications
For the following reasons, as well as others, custom mobile apps are powerful instruments for accelerating the entirety of the claims processing cycle, including the claims adjustment process:
- Insurance adjusters and their clients can both benefit from the ease and speed with which information about a claim’s facts can be uploaded and shared with a wide range of specialists.
- Customers can fill out the First Notification of Loss and questionnaire on their mobile devices and submit them quickly.
- A customer’s claim status can be viewed promptly via this same tech device.
Claims adjusters can benefit from computer vision models for purposes of calculating the value of claims and identifying fraud. Videos and pictures posted can be used in such models for evaluation.
Optical Writing Recognition
Claims adjusters can save time and effort by using natural language processing applications with optical writing recognition capabilities to automatically extract unstructured data from paper documents.
The insurance adjustment industry processes and investigates a large volume of written and printed material in the course of underwriting, claims, and fraud investigations. Inefficiencies arise when data extraction is not automated, as this forces workers to spend time on mundane tasks that could be performed automatically.
Like underwriters, claims adjusters must deal with a wide range of written materials. Before making a decision on a claim, an adjuster, for instance, must examine relevant documentation such as official reports, questionnaire forms, and the policy’s terms. By utilizing new technologies, this task can be automated.